Early this month, CBN banned almost all international money transfer operators from transferring money into the country based on some regulation tagged “draconian rules” as reported by WorldRemit and only 3 IMTOs – Western Union, MoneyGram and Ria money – escape this rule.

CBN reported that the licensing is “in furtherance of CBN’s effort to liberalise the foreign exchange market and ensure liquidity by making foreign exchange more readily available to low end users.”

WorldRemit, who’s been the most vocal IMTO during the whole ordeal, commend CBN for this development. Founder and CEO, Ismail Ahmed said, “We commend the CBN for reaffirming the country’s commitment to building an enabling environment and level-playing field for international money transfer services to Nigeria. The new environment will help to bring the estimated 50% of remittances to Nigeria that currently goes through unregulated, informal networks into the formal channels.”

WorldRemit in celebration of the relaunch of their services to Nigeria is offering promotional pricing of nominal $0.01, €0.01, £0.01 or its equivalent in fees on all money transfers to Nigeria until September 30, 2016.

So, if you are a Nigeria in Diaspora; seize the opportunity and invest now in Nigeria; you know what I mean?

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